Retirement Payment Options and Changes After Retirement
Explore payment options for retirement and preretirement for fiscal year 2025. Learn about monthly payment options, survivor benefits, changing payment options after retirement, and important disclaimers regarding the employee benefit programs administered by PEBA. Understand the implications of marital status changes on payment options and beneficiary selections, as well as restrictions and conditions that may apply. Consider the need for financial advice tailored to your individual circumstances when making decisions related to retirement payments.
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Presentation Transcript
Payment options Get Set for Retirement Preretirement Fiscal year 2025
SCRS, PORS monthly payment options C B A Option B Option A Option C 100%-100% joint retiree-survivor payment. Non-spousal restrictions may apply. Maximum benefit. Retiree-only payment. 100%-50% joint retiree-survivor payment. 2
Changing your payment option after retirement If you have a change in marital status, you may select new payment option or change your beneficiary for a survivorship payment option within five years of change. You can change your payment option only twice, no matter how many qualifying events occur. If you choose Option A, you may change your beneficiaries at any time without a qualifying event. If you choose Option B or C, and all beneficiaries die before you: Your benefit reverts to Option A. The change is effective the month after the date last beneficiary dies. You must notify PEBA of your beneficiary s death. 3
Disclaimers This presentation does not constitute a comprehensive or binding representation of the employee benefit programs PEBA administers. The terms and conditions of the employee benefit programs PEBA administers are set out in the applicable statutes and plan documents and are subject to change. Benefits administrators and others chosen by your employer to assist you with your participation in these employee benefit programs are not agents or employees of PEBA and are not authorized to bind PEBA or make representations on behalf of PEBA. Please contact PEBA for the most current information. The language used in this presentation does not create any contractual rights or entitlements for any person. Financial disclaimer Personal finance, as the name implies, is a highly individualized and personal matter. The information provided in these presentations is general educational information provided to illustrate certain financial ideas and concepts. This information does not take into account your personal situation and should not be considered personal financial or investment advice. In reviewing this video, you should consider whether the information presented is appropriate for your particular needs and, where appropriate, you may wish to seek advice from a financial professional to determine what is best for your individual financial circumstances. PEBA does not make any guarantee or other promise as to any results that may be obtained from using the content of this presentation. 4
